Question

give any 5 function of accounting​

Answer 1

Answer:

Functions of Accounting are; control of financial policy, and formation of planning, preparation of the budget, cost control, evaluation of employees' performance, Prevention of errors and frauds. analysis of the interested parties, including the management.

Answer 2

Answer

Explanation:

Accounting is a very vital subject in the commerce field. For a better understanding of the objectives and the functions of accounting, first of all, it is very important to know about the accounting beforehand. The objectives and the function of accounting will be later discussed in depth.

The historical functioning of accounting involves keeping accurate records of all the past transactions made in the business. This type of functioning of accounting includes:

Recording the financial transactions and maintain a journal to keep them all.

It is important to classify and separate the records and the ledger.

Preparation of brief summary takes place for quick reviews.

This type of accounting gives the net result other than just keeping the records.

• The preparation of the balance sheet takes place to determine the financial position of the business.
• The analyzed data and records are then used for other purposes.
• The last step is to communicate the obtained financial information to the interested sectors, for instance, owners, suppliers, government, researchers, etc.
• Managerial Functions
• In an organization, the management committee looks for all kinds of decision making. To ensure that the decisions are smooth and beneficial for everyone, they do an evaluation of the past records provided by accounting. These are managerial functions.

The five managerial functions of accounting are:

• Formation of plans in addition to controlling the financial policies.
• Besides that, a budget is prepared to estimate the total expenditure for future activities.
• Also, cost control is made possible by comparing the cost with the efficiency of the work.
• The accounting also provides the necessary information during the evaluation of employee’s performance.
• To check for fraud and errors is what the workability of the whole procedure depends on.